Want help cutting home expenses? Whether you are a seasoned homeowner or have just purchased your first one, you likely know that expenses can quickly get expensive. In this post, the Phil Aitken Home Team will share three tips to help you cut costs and keep more cash in your pocket.
1. Review your monthly expenses
Take a look at each of your monthly expenses. See which ones are really necessary of each one and look for things that can be eliminated altogether. For example, do you really need cable? How about switching to free or low-cost streaming services?
Do you use your gym membership often enough to justify the cost? Could you reduce the cost of your car insurance?
You are sure to find at least a couple of expenses that could be reduced or eliminated altogether.
2. Check appliance efficiency
Next, consider the efficiency of your appliances. Installing energy-efficient appliances, low-flow toilets, and water-reducing shower heads can save you money in the long run.
Also, consider installing solar panels or switching your wood-burning fireplace to a gas fireplace.
3. Look for ways to challenge fixed expenses
Many items we deem as fixed expenses are surprisingly negotiable. For example, you might be able to reduce property taxes if you think your home’s value was assessed higher than what it’s actually worth.
In addition, HOA fees can be challenged too, if you have the right information and the right reasons. And if your home insurance is high, get a new quote to see if you qualify for a cost reduction.
The bottom line is that expenses can always be reduced if you are willing to get creative and reevaluate what you are paying each month. You might be surprised to learn that you don’t need to pay luxury prices to enjoy certain amenities.
Related: “Credit 101”